SPIMACO signs credit facilities with 3 banks for SAR 1.26 bln

Logo of Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO)

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) announced the signing of credit facility agreements on Aug. 28 with Gulf International Bank (GIB), Bank Albilad and Banque Saudi Fransi (BSF), at a total value of SAR 1.260 billion.

The facilities signed with Bank Albilad amount to SAR 550 million, with GIB to 485 SAR million, and with BSF to SAR 225 million, SPIMACO said in separate statements.

Details of Credit Facilities (SAR mln)
	Bank Albilad	GIB	BSF
Total Credit	550	485	225
Short Term	200	200	200
Long Term	350	250	--
Treasury	--	35	25
Short Term Duration	1 year	1 year	1 year
Long Term Duration	10 years including 3 years grace period	6 years including 2 years grace period	--
Guarantees Offered	Promissory note	Promissory note	Promissory note

The company said the short-term facilities are aimed at financing working capital requirements, and of the long-term facilities are for financing future expansions and investments.

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